The Depositories Act, 1996

Chapter III — RIGHTS AND OBLIGATIONS OF DEPOSITORIES, PARTICIPANTS, ISSUERS AND BENEFICIAL OWNERS

Section 9Securities in depositories to be in fungible form

Section 9: Securities in depositories to be in fungible form

9. Securities in depositories to be in fungible form

(1)

All securities held by a depository shall be dematerialised and shall be in a fungible form.

[(2) Nothing contained in sections 153, 153A, 153B, 187B, 187C and 372 of the Companies Act, 1956 (1 of 1956) shall apply to a depository in respect of securities held by it on behalf of the beneficial owners.]

Amendment notes (1)

Subs w.e.f. 15-1-1997 . Subs. by Act 8 of 1997, s. 22, for sub-section (2) (w.e.f. 15-1-1997).